Regulatory Alerts2008-11-04 | Circular 53/2008Added
Circular 53/2008 — Modifications to General Provisions for Specialized Investment Companies of Retirement Fund Societies Regarding Loans for Liquidity Needs
The Bank of Mexico modifies the Second Rule of the general provisions governing specialized investment companies of retirement fund societies when contracting loans or credits for liquidity needs. The maximum amount of outstanding loans or credits is capped at 30% of the average bimonthly collection of contributions and payments for retirement, disability, and old-age insurance over the last three bimonthly periods for each retirement fund administrator. This 30% limit applies to the aggregate of all specialized investment companies operated by the same administrator, allocated proportionally among them. The circular enters into force the day following its publication in the Official Gazette of the Federation.
More like this from BANXICO
We email you every new BANXICO publication the day it's published.